South Korea is not far behind and approves a measure to combat the growth of the United States in the chip industry

South Korea is not far behind and approves a measure to combat the growth of the United States in the chip industry
South Korea is not far behind and approves a measure to combat the growth of the United States in the chip industry

The Asians will distribute 7,000 million euros to local companies to grow the sector

South Korea is one of the great beneficiaries of the Chips and Science Law from the United States. After first months marked by massive waste of money, companies such as Intel, TSMC and Samsung are beginning to reap the benefits. And, although reports on the future of the industry indicate that the great beneficiary will be the United States, Asians do not want stay behind and they have already approved a historic measure.

How the portal collects Reuters in a recent publicationSouth Korea is preparing a package of subsidies that will distribute 7 billion euros among companies that meet the requirements. Choi Sang-mokthe country’s Minister of Finance, was in charge of announcing the measure and revealing the intentions that led South Korea to make this determination: to win the “technological war” that agents such as the United States, Taiwan or China are currently waging in the field of semiconductors.

South Korea does not want to be left behind

Thus, he indicated that the Government will announce sooner rather than later the details of the subsidy package. At the moment, it is unknown what requirements companies that want to access this option must meet, but it was revealed that the intention is to inject money into certain companies to buy chip materialsmanufacture equipment and, at the same time, promote design companies without factory throughout the chip supply chain.

In this way, a new fund financed by state and private financial institutions to benefit all companies in the sector. In fact, South Korea is already building a mega chip conglomerate in Yongin, a region located south of Seoul. And finally, they have also promised fiscal benefits for future investments. Be that as it may, it is clear that no country with importance in the sector plans to throw in the towel, since the chip industry marks the future of technology today.

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Main image by Daniel Bernard (Unsplash)

 
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